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CIPS L4M8 (Procurement and Supply in Practice) Certification Exam is a professional certification program offered by the Chartered Institute of Procurement and Supply (CIPS). The program is designed to validate the knowledge, skills, and abilities of procurement and supply professionals at a level 4 standard. Procurement and Supply in Practice certification exam is an internationally recognized standard that demonstrates a high level of expertise in the procurement and supply field.
CIPS L4M8 Exam covers a variety of topics, including supply chain management, procurement processes, contract management, negotiation skills, and supplier relationship management. L4M8 exam is structured in a way that allows candidates to demonstrate their knowledge and skills in these areas, and to show that they are capable of working effectively in a procurement and supply role. L4M8 exam is also designed to be challenging, and candidates are required to demonstrate a high level of understanding of the subject matter in order to pass.
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CIPS L4M8 (Procurement and Supply in Practice) exam is a certification exam offered by the Chartered Institute of Procurement and Supply (CIPS). L4M8 exam is designed to test the knowledge and skills of procurement and supply professionals at the operational level. L4M8 exam covers a range of topics such as procurement processes, contract management, supplier relationship management and stakeholder management.
CIPS Procurement and Supply in Practice Sample Questions (Q37-Q42):
NEW QUESTION # 37
Explain why you think quality should be investigated before working with potential supplier?
Quality is fitness for purpose. It is important that quality is investigated by procurement professionals before forming relationship with potential supplies.
If quality is not investigated before selecting supplier the organization might stand the risk of facing the following disadvantages; Reputational Damages Cost of Rework Cost of Downtime Cost of Material Cost of being stocked with the wrong supplier Cost of being stocked in a project that may not come to an end at the forecasted time.
How buyer can choose a supplier with a good quality culture is first by defining the quality of the product or services to be carried out .Having knowledge of the product or service quality, supplies can rightly select and evaluated supplier with total quality management (TQM) in their system, ISO 9001 accreditation. TQM includes everyone in the organization with knowledge on the required quality; there would be little or no rejection/reworks. Thus is an added value to the organization.
NEW QUESTION # 38
What Incoterm applies here?
The supplier is responsible for delivering the goods to a carrier or to an intermediate agreed place. From this point, the buyer is responsible for ensuring these goods reach their named destination.
- A. EXW – Ex Works
- B. FCA – Free Career
- C. CIP – Carriage and Insurance Paid to
- D. CPT – Carriage Paid To
NEW QUESTION # 39
What are the four quadrants within the Kraljic portfolio matrix?
At the early stages In procurement and supply cycle, buyers begin segmenting current supplies in the categories, depending on their level of integration into the organization. To help get this done, the buyer may use the Kraljic portfolio matrix. The kraljic portfolio matrix segment suppliers into four categories, which are;
1) Routine 2) Bottleneck 3) Leverage 4)strategic supplier
NEW QUESTION # 40
What do STEEPLE and SWOT stand for?
After a need in an organization has been identified/understood, defined, justified and authorized, the next stages are to understand how commodity prices are reacting, which suppliers are available and their strength. The make or buy decision can be reached with knowledge from this; the procurement professional can consider the organization external environment, strength, weakness opportunity and threat to develop strategy/plan of how to achieve the procurement.
‘STEEPLE’ is an effective way to evaluate the external environment. It helps buyers to assess factors that could affect the need in hand and helps them to develop the plan accordingly. ‘STEEPLE’ is an acronym which stands for, Social, Technology, Economic, Environment, Political, Legal, Ethical
‘SWOT’ helps the organization to analyze its strength and within the organization and the oppor-tunity and threats outside the organization.
‘SWOT’ is an acronym which stands for, strength, weakness, opportunity and threats.
NEW QUESTION # 41
Which four procurement cycle stages happen after the award of the contract?
The procurement cycle is the heart of purchasing, sourcing and supplying and should be followed in day-to-day practice in the industry. The procurement cycle has thirteen stages. Contract award is stage 9, and the stages after the contract award are; Stage 10: ware house, logistic and receipt Stage 11: Contract performance review and continuous improvement Stage 12: SRM/SCM and contract management Stage 13: Asset management, lessons learned, end of life.
NEW QUESTION # 42
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